At the end of this week, Bitcoin is once again on a price discovery run above $117,000. This rise has led to new record inflows into the spot ETF market, which is also benefiting Ethereum.
Bitcoin spot TF: $1.17 billion in daily inflows
Over the past few days, Bitcoin has embarked on a sustained uptrend that has now taken it above its previous all-time high, with the price currently hovering around $118,000 at the time of writing.
This surge of more than 6% in the last 24 hours is prompting investors to reposition themselves to take advantage of the returns on offer. This is particularly the case in the US spot Bitcoin ETF market, with a record amount of inflows recorded on July 10, estimated at $1.17 billion.
This daily inflow is already the second largest ever recorded since the launch of spot Bitcoin ETFs in January 2024. The all-time record remains at $1.37 billion on November 7, 2024, when Donald Trump won the US presidential election.>
In detail, BlackRock’s IBIT fund once again recorded the largest net inflows, with a total of $448.5 million (approximately 38.5%), ahead of Fidelity’s FBTC ($324.3 million) and 21 Shares’ ARKB ($268.7 million).
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But the real big news associated with this resurgence in the spot ETF market concerns Ethereum more specifically. Its exchange-traded funds also saw a massive influx of liquidity estimated at $383 million on July 10, compared to an increase of more than 8% in the price of Ether over the previous 24 hours.
This amount allows this market, which is less popular than Bitcoin, to also set a record, with the second-highest net inflows in its history. But this success also extends to the volumes of BlackRock’s ETHA fund, according to a post by ETF specialist Eric Balchunas on the X network.
The ETHA fund has recorded record volumes over the past two days, more than $800 million per day, four times the average. Given the rise in prices, we can expect significant inflows over the next few days.
Eric Balchunas
As with Bitcoin spot ETFs, BlackRock’s ETHA fund is the undisputed leader in the Ethereum ETF market. It alone accounted for almost 80% ($300 million) of net inflows on the record day of July 10.
Faced with this new bullish momentum, some investors are wondering if it is too late to invest in Bitcoin. The flows recorded on the ETF market during the day of July 10 seem to provide a fairly obvious answer, with amounts exceeding the issuance of ETH and BTC cryptocurrencies over the same period.
